Florida Laws and Rules Pertinent to Insurance Practice Test

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• What is the primary reason for the regulation of the insurance industry?
• Which of the following is NOT regulated by Florida life insurance laws?
• What licensing requirements must a variable life insurance agent meet?
• What is the minimum percentage of employee participation required for a noncontributory group health insurance plan in Florida?
• Florida requires that an insurance agent must complete how many hours of continuing education on the subject of law and ethics every two years?
• Which entity approves the insurance policy forms used in Florida?
• What must an insurer provide to a prospective buyer?
• If a business owner decides to let their Group Life policy lapse, what must be done regarding employee notification?
• Which of the following is considered an unfair trade practice?
• Which of the following accurately describes a Group Life insurance policy?
• What is the ownership structure of a stock insurance company?
• What is the grace period required for a health policy paid on a quarterly basis in Florida?
• What is twisting in the insurance context?
• What must small group health plans provide under Florida's Employee Health Care Access Act?
• What is the term for misleading information published by an insurance company about its policy's provisions?
• Why are Association Plans that provide health benefits to their members regulated by the state?
• How many days does an insurance company have to reject a reinstatement application before it is automatically reinstated?
• Which is true about Dread Disease policies?
• An individual covered under a Group Life insurance policy is referred to as a(n)?
• What characterizes a foreign insurance company doing business in Florida?
• Which of the following is true regarding the funding of the Life and Health Insurance Guaranty Association?
• What does sliding refer to in insurance practices?
• What is the purpose of the Florida Insurance Guaranty Association?
• Under Florida law, how often must a variable annuity policyowner be notified of the accumulated value of the contract?
• Which penalty is NOT a consequence of placing business with an unauthorized insurer?
• How many days are covered individuals guaranteed coverage after a group plan's termination in Florida?
• What role does the Chief Financial Officer play regarding the Bureau of Unclaimed Property?
• Which of the following is NOT an unfair claim settlement practice?
• All of the following will result in the suspension of an agent's license EXCEPT?
• What is the purpose of the coordination of benefits (COB) provision?
• What is an example of an acceptable insurance business practice?
• What is required from the borrower if a bank imposes credit insurance as a loan condition?
• What type of insurance company is typically characterized by the issuance of both participating and nonparticipating policies?
• How long does an insurance company have to contest a life insurance contract due to application fraud?
• What is Florida's definition of Life insurance replacement?
• What is a standard provision of the conversion privileges in a Group Life policy?
• Which factor is NOT considered when the Department of Financial Services determines if an agent's home is an insurance agency?
• What defines an admitted mail order insurance company in Florida?
• What does Florida law state regarding group life insurance conversion privileges?
• Which is NOT considered a characteristic of a noncontributory group health insurance plan?
• How is deceptive advertising viewed under Florida law?
• When must an agent deliver the Outline of Coverage to a Medicare Supplement applicant according to Florida law?
• An insurance company incorporated under the laws of the state where its home office is located is referred to as a(n) ____ company.
• In Florida, most life insurance policies have a contestability period lasting how long?
• During what process does the division of rehabilitation and liquidation operate?
• Under an Individual Disability policy in Florida, what is the minimum frequency for claim submissions?
• What must an insurance agent do if they change their employment?
• How many hours of continuing education must a newly licensed insurance agent complete every two years?
• Which situation does NOT fall under the Florida Replacement Rule?
• Medicare Supplement policies must include which of the following requirements?
• A policyowner wishing to sell their life insurance policy would sell it to which type of entity to receive a portion of its face value?
• According to Florida law, which information is NOT required by an agent when recommending an annuity purchase?
• In Florida, under what condition are agents allowed to engage in rebating?
• What does fiduciary responsibility entail for an insurance agent?
• Which act requires insurers to offer certain types of policies to consumers?
• Which of the following practices in insurance is prohibited in Florida?
• If an agent misleads an insured into surrendering an existing policy, what is this action known as?
• All of the following entries are classified under the four principal areas of Florida insurance law EXCEPT?
• The intent of requiring a Buyer's Guide and Policy Summary is primarily to ensure what for the consumer?
• Which type of insurance company allows policyowners to select a governing body?
• In Florida, when does coverage for a newborn child typically begin under a Group Health policy?
• Florida's 14-day free-look period for life insurance policies begins at the:
• In Florida, which of the following practitioners normally do NOT receive payment from health insurance policies?
• When does coverage for newborns begin under Florida law?
• What is the time frame for providing a Notice of Claim after a covered loss in a health policy?
• What may happen if an agent is found guilty of misrepresentation?
• Which of the following is an example of an Unfair Trade Practice?
• What could be a consequence for an agent engaging in the practice of twisting?
• Which of the following provisions is NOT required in HMO contracts/certificates?
• What feature must Group Life policies in Florida include?
• What is a key requirement when an annuity is replaced or exchanged?
• Which of the following could lead to agent complaints against a company?
• What type of receipt is typically given to an applicant who pays the initial premium at the time of application?
• How does Florida law classify an unfair discrimination practice?
• Which of the following employer tasks does a Professional Employer Organization normally handle?
• Which health policy provision states that the agent cannot change the policy or waive its provisions?
• If an agent is not appointed by an insurance company, how long can pass before their license terminates?
• What is the main function of the Life and Health Insurance Guaranty Association?
• When is a Group Health policy required to provide coverage for a newborn child?
• Who must receive a long-term care lapse notice according to Florida law?
• How many hours of continuing education must agents who have been licensed for less than six years complete every two years?
• Which of the following areas of state regulation is NOT protected by the savings clause in ERISA?
• According to Florida law, an additional lapse notice must be issued for policyowners age what or older?
• An agent selling Medicare Supplement policies must provide every applicant with what?
• What is the rule called that agents must follow when recommending changes for existing coverage in Florida?
• Which of the following describes "maliciously critical statements" in insurance?
• In the context of insurance practices, what is the primary purpose of nonforfeiture options?
• Which requirement is NOT necessary to become a licensed agent?
• What is it called when a bank requires a borrower to buy credit insurance from a specific company as a condition for a loan?
• What are adjustable rates for life policy loans in Florida based on?
• If an agent makes a false or incomplete statement during an insurance transaction, they are guilty of?
• What type of company is owned by its policyholders?
• Which types of insureds are life insurance companies allowed to make policy rate discriminations against?
• At what minimum age can a person sign a life insurance application in Florida?
• What must be included in an insurance policy regarding coverage?
• What is the maximum percentage of controlled business an agent may produce in Florida?
• The Bureau of Unclaimed Property in Florida is overseen by which official?
• What type of insurance company is domiciled in England but conducts business in Florida?
• What is required for an insurance policy to be considered valid in Florida?
• Within how many days can a Medicare Supplement policy be returned for a full refund?
• Which of the following best defines an insurance replacement transaction?
• What is the purpose of the Life and Health Insurance Guaranty Association?
• What is the purpose of continuing education for insurance agents?
• Which Unfair Trade Practice involves an agent telling a prospective client that a policy's dividends are guaranteed?
• During the replacement of an existing life insurance policy, which document must an agent submit to the replacing insurance company?
• In a Family Health policy, under what condition is a handicapped child guaranteed coverage?
• Which of the following is an example of false advertising in insurance?
• Under what condition can a handicapped child extend their health insurance coverage as a dependent after reaching the limiting age?
• Under Florida law, what is one requirement for insurance agents regarding their appointments?
• In Florida, an insurer licensed to conduct business in Florida, but domiciled in New Jersey, is called a(n)?
• An agent marketing variable life insurance must be licensed as what?
• What constitutes defamation in the context of insurance?
• For what purpose may the Financial Services Commission hold hearings?
• A mutual insurance company is owned by whom?
• How can an agent-in-charge operate more than one location?
• What is one of the responsibilities of an insurance agent?
• What is the purpose of the Florida Life and Health Insurance Guaranty Association?
• What governs the way insurance rates are set in Florida?
• Which of the following is a necessary step in an insurance transaction?
• Which of the following employees may NOT be excluded from a group life plan?
• The Florida Employee Health Care Access Act was established to ensure which of the following?
• Which Unfair Trade Practice involves an agent suggesting that an insurance policy is like a share of stock?
• What type of insurer is considered a foreign company?
• What is the minimum number of insureds required for a Group Life insurance policy in Florida?
• Under Florida law, how soon must insurers process a claim after receipt?
• Which of the following is considered an accurate statement of an unfair trade practice?
• How long is the contestability period for life insurance policies in Florida?
• What is a common penalty for insurers who violate Florida's Unfair Trade Practices Act?
• The department of financial services serves as the receiver of any insurer placed into?
• Which of the following exemplifies an unfair claims practice?
• Which of the following is NOT recognized as a legal entity for selling life insurance in Florida?
• An example of an unfair claims settlement practice is what?
• Which of the following actions is NOT classified as rebating?
• Within how many days must a licensee notify the Department of Financial Services of a change in address?
• Which of the following best supports the regulation of insurance practices in Florida?
• Who owns a stock insurance company?
• Which of the following is NOT required in the Outline of Coverage for a health insurance policy?
• A Multiple Employer Welfare Arrangement (MEWA) is designed to provide what type of benefits?
• K is an agent who made an improper sale of an annuity to a client. What corrective action would the Department of Financial Services likely order K to take?
• How long does coverage for newborns continue under Florida law?
• In Florida, which of the following is considered an Unfair Trade Practice?
• What right does the conversion privilege give to an employee whose employment is terminated under a Group Life policy?
• Which action might trigger a hearing by the Department of Financial Services?
• Which of the following is considered to be misrepresentation?
• What is required before an agent can engage in replacing an insurance policy?
• If a policyowner does not pay the premium by the due date, what can they do?
• To conduct business, an insurance company must be authorized by whom?
• In a noncontributory group, what percentage of eligible persons must be covered by a policy?
• Which entities regulate variable annuities?
• If an agent would like to sell Variable annuities, which state examination must the agent pass?
• When must written notice of a claim be given to the insurer?
• What happens to the death benefit if a policyholder's age was misstated?
• Which of the following is included in the Florida Replacement Rule?
• Which of the following is NOT considered a Nonforfeiture Option?
• What term describes nonprofit life insurance providers that are specifically addressed in Florida's insurance code?
• Which activity is least likely to result in the suspension of an insurance agent's license?
• When replacing or exchanging an annuity, what must the agent disclose to the annuitant?
• According to Florida's life insurance replacement laws, when must a policyowner be provided with a written Comparison and Summary Statement?
• Which organization is responsible for providing funds to protect an insured if an insurer becomes insolvent?
• Which provision is NOT required in a Medicare Supplement policy under Florida law?
• Which of the following unfair trade practices involves making malicious statements about another person’s financial condition?
• In Florida, the maximum allowable advertising gift an agent can give to a prospective client is?
• Who regulates Association Plans designed to provide health benefits?
• What is the definition of replacement in insurance?
• What do the licensing requirements for a life and variable contract agent include?
• What is the maximum waiting period for pre-existing conditions under a Medicare Supplement policy?
• What is the definition of "controlled business" in insurance?
• What type of plan is a stock life insurance company using if it issues both participating and nonparticipating policies?
• What type of coverage do Dread Disease policies provide?
• In Florida, what is required for the underwriting and issuance of a master group health policy?
• What are the consequences of performing insurance transactions without a proper license?
• What document can an agent provide to help a client better understand an insurance product?
• What action may be taken if an agent provides false information on an application for insurance?
• In Florida, what is the maximum time frame for an insurer to allow a grace period on health policies?
• If an agent threatens a claimant regarding rights related to a release form, what could this agent be found guilty of?
• What is it called when an agent makes exaggerated claims to convince someone to buy insurance?
• What can lead to the suspension or revocation of an agent's license?
• What can lead to the denial, suspension, or revocation of a license according to Florida regulations?
• What is the maximum fixed interest rate allowed for life policy loans in Florida?
• In Florida, monthly-premium health insurance policies must provide a grace period of at least:
• In which scenario would a dependent handicapped child not be covered under a Family Health policy in Florida?
• Employers with less than how many employees are affected by Florida's Health Insurance Coverage Continuation Act (Mini COBRA)?
• Which of the following must NOT be present for someone to become a licensed agent?
• What is the primary difference between a mutual insurance company and a stock insurance company?
• What specific action leads to the suspension of an agent's license in Florida?
• Which of the following acts is an agent NOT authorized to do on behalf of an insurer?
• What is required in the Florida Employee Health Care Access Act?
• What is the minimum notice period required for a policy claim denial in Florida?
• What is the designation of an insurer that is domiciled and incorporated in Florida?
• Which of the following is NOT an eligibility requirement for an association group?
• What is the maximum dollar amount for advertising gifts that can be given by an agent to a prospective client?
• What is required to sell life insurance in Florida?
• Which of the following practices is considered a form of coercion within the insurance industry?
• Insurance companies that are organized in countries outside the United States are referred to as:
• For a Medicare Supplement policy, what is the pre-existing condition limitation specified by Florida law?
• An example of rebating would be:
• Which of the following is NOT a requirement for obtaining a health insurance policy in Florida?
• Which requirement must be fulfilled for an insurer to operate legally in Florida?
• What action is necessary when an employee is covered under a Group Life insurance policy that is being canceled?
• What is considered an essential part of an insurance transaction in Florida?
• Which professional organization has its code of ethics incorporated into Florida law?
• What is an example of unfair discrimination in insurance?
• During the application process, to whom is the agent primarily responsible?
• What do families pay that are covered by the Florida Healthy Kids Corporation?
• According to Florida's rules on disclosure, a life insurance applicant is expected to be provided with which of the following documents?
• Who does an agent represent during the solicitation of insurance?
• Which type of insurance requires an agent to have a specific license to operate?
• What is the primary goal of the Florida Insurance Code?